Analyst and gold enthusiast Peter Schiff, known for his heavy criticism against Bitcoin and the general cryptocurrency world, published a new statement after the Bitcoin price exceeded $ 57,000.
Schiff said there is an old saying in the markets that an asset rises slowly, like a staircase, and falls quickly, like going down an elevator. Adapting this to Bitcoin, Schiff shared that Bitcoin is a little different, BTC rises like an elevator and jumps out of this elevator.
With this post, Schiff claimed that although Bitcoin’s rise was rapid, its decline would be much more sudden and faster.
Schiff has been known for his anti-BTC statements for a very long time. In a statement published 11 years ago in 2013, Schiff warned market followers who were considering purchasing BTC instead of precious metals. On the date when Schiff, a true gold enthusiast, made this statement, gold was traded at around $1250 per ounce, and today it is traded at $2033. However, on the same date, BTC price was traded at an average of $ 600.
*This is not investment advice.
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